140 Preston Drov 487 sq ft Retail Property Brighton BN1 6FJ £235,000 (£482.55/sq ft)

We have been instructed to market the freehold interest, subject to the existing tenancy and contract, at a guide price of £235,000.
Tenancy Information: The freehold sale is subject to the lease dated 17th October 2023 to Summer Hill Gallery Limited for a term of 12 years at a passing rent of £16,000 per annum.
There are 4 yearly reviews dates, specifically 17/10/2027 & 17/10/2031. There are tenant only break options dated 17/10/2027 & 17/10/2031.
The first floor flat is subject to a 125 year lease dated 24/06/1988.
Description: The subject property comprises a terraced, three-storey, mixed-use building constructed beneath a tiled pitch roof. The ground floor unit consists of a glazed frontage with private access into the unit, which is also accessible from the rear garden.
The retail unit is arranged over the ground and lower ground floor, and the residential flat is on the first floor.
The garden can also be accessed from the rear, with an additional studio / outbuilding which is not included within the commercial lease and is currently used by the Freeholder as a studio workshop. There is a separate outside WC too.
Location: The property is located at the eastern end and is situated on the southern side of Preston Drove, near its junction to Ditchling Road and Five Ways, a busy interchange. Preston Drove runs west to east through a predominantly residential area and alongside Preston Park. The area is an established residential location with commercial units located around the Five Ways junction, with independent retailers including shops, salons, restaurants and pubs, and a Coop supermarket.